Popular Inc. reported net income of $168.4 million for the quarter ended Sept. 30, 2020, up from net income of $127.6 million for the quarter ended June 30, 2020, but flat when compared to the $164.3 million reported during the third quarter in 2019. “We generated $168.4 million in earnings in the third quarter, reflecting […]
Puerto Rico is starting to see the “beginnings of an economic rebound,” as the effects of the influx of federal economic aid and the possibility of the return of pharmaceutical companies are putting the island in a better position heading forward. That optimism is there for José Rafael Fernández, CEO of OFG Bancorp, the financial […]
Puerto Rican financial institution Oriental announced this week it will open a website for clients who received a loan through the U.S. Small Business Administration’s Payroll Protection Program to request forgiveness of all or part of their loan. The client must comply with the guidelines from the U.S. Department of the Treasury and the SBA. “As with […]
Puerto Rico’s credit union reported a 9.5% growth in assets between March and June, at the peak of the COVID-19 pandemic, drawing 10,000 new members and retaining some 3,000 employees, Eddie Alicea-Sáez, president of the Credit Union Executives Association confirmed. The association known as ASEC in Spanish stated that participating credit unions accrued an additional […]
A group of 32 credit unions in Puerto Rico received about $6 million in assignments from the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) to expand their services to economically disadvantaged communities. The allocation constitutes the largest amount granted by the U.S. Treasury to co-ops in Puerto Rico, reaching $10 million […]
Nearly a year after announcing its plans, First BanCorp. announced the completion of its acquisition of Santander BanCorp in Puerto Rico. In connection with the acquisition, Santander BanCorp and Banco Santander will be merged into FirstBank, with FirstBank being the surviving entity, officials said. In July, First BanCorp. got the regulatory go-ahead to complete its […]
PenFed Credit Union announced the opening of its new financial center at Plaza Del Caribe Mall in Ponce, after a $1.9 million investment. The new 4,500-square-foot financial center creates 11 jobs in the Ponce community and provides “tens of thousands of residents in south-central Puerto Rico access to some of the best checking, savings, certificate and loan […]
As part of a comprehensive infrastructure and technology investment plan that exceeded $9 million, the Sagrada Familia credit union inaugurated a new branch in Naranjito, which also houses its first mortgage center in the mountain region. The recently inaugurated building represents the completion of a modernization period the cooperative began several years ago, which included […]
First BanCorp., parent company of FirstBank Puerto Rico, announced results for the second quarter and six months ended June 30, reporting net income of $21.3 million and $41.2 million for the periods, respectively. The second quarter result reflects a growth from the $2.2 million reported for the three-month period ended March 30, and a 48% […]
First BanCorp., the parent company for FirstBank Puerto Rico, announced it has received the requisite regulatory approvals local and federal banking regulatory agencies to wrap up its acquisition of the Puerto Rico operations of Banco Santander Puerto Rico. First BanCorp. got the go-ahead from the Board of Governors of the Federal Reserve System, Federal Deposit […]
OFG Bancorp, the parent company of Oriental bank, reported net income available to common shareholders totaled $20.2 million or $0.39 per share fully diluted, for the second quarter ended June 30. As other banks did, Oriental “faced a number of Covid-19 pandemic related challenges during the second quarter, but acting promptly and with foresight, we […]
Popular Inc., parent company of Banco Popular de Puerto Rico, reported net income of $127.6 million for the quarter ended June 30, 2020, a 25% drop from the $171.1 million on record for the same quarter in 2019, but a significant jump from the $34.3 million reported for the first quarter of the year. For […]
Oriental announced it will be adjusting service hours at its branches in Puerto Rico, in response to the spike in COVID-19 cases on the island. The changes go into effect today. Branches: From Monday to Friday they will offer services until 3 p.m. Customers are required to make their appointment in advance; Drive-up windows: Will […]
The coronavirus pandemic has had a significant impact on people’s health and the economy, with small business owners and nonprofits being the most affected sectors. To continue to support these groups, FirstBank, in conjunction with the Federal Home Loan Bank of New York (FHLBNY), announced that they will be granting $240,000 to 40 entities in […]
The U.S. Small Business Administration revealed it has guaranteed nearly 2,000 loans for between $150,000 and $10 million through its Payroll Protection Program in Puerto Rico, totaling a little more than $1 billion as of June 30. These loans are added to the nearly 36,000 SBA-backed loans of less than $150,000, which represent another $741.4 […]
A Dow Jones/Factiva content provider since 2014
Subscribe to our Dollars & Sense podcast!
NIMB ON SOCIAL MEDIA